RESOLVED: That
(1) the Council enter an agreement for the provision of treasury management services with the GLA in accordance with the Local Authorities (Goods and Services) Act 1970, subject to the conclusion of negotiations to the satisfaction of the Director of Finance and Assurance, the Portfolio Holder for Finance and Resources together with the Director of Legal and Governance;
(2) the Council enter an investment management agreement with LTL, the GLA’s wholly-owned investment management subsidiary, authorised and regulated by the Financial Conduct Authority (FCA), for the provision of investment management services in accordance with the Local Authorities (Contracting Out of Investment Functions) Order 1996, subject to the conclusion of negotiations to the satisfaction of the Director of Finance and Assurance following consultation with the Portfolio Holder for Finance and Resources together with the Director of Legal and Governance;
(3) if required, a waiver be approved to offer a direct award to London Treasury Limited (LTL), the GLA’s wholly owned investment management subsidiary for the minimum of one year, subject to performance and not exceeding the services threshold of Public Contract Regulations 2015 (amended);
(4) the Council enter an agreement to participate in the GLA Group Investment Syndicate (GIS), subject to the conclusion of negotiations to the satisfaction of the Director of Finance and Assurance following consultation with the Portfolio Holder for Finance and Resources together with the Director of Legal and Governance;
(5) the Director of Finance and Assurance be authorised to approve any amendment to the Council’s Treasury Management Strategy Statement for 2021/22 to allow funds to be invested via the GIS in accordance with the GIS Investment Strategy for 2021/22, including adopting and signing such strategy; and
(6) the Director of Finance and Assurance be authorised to do all such things (including the finalisation, approval and execution of any documents and agreements) that they may consider necessary or desirable to give effect to the above.
Reason for Decision: To promote effective financial management and comply with regulations issued under the Local Government Act 2003, the CIPFA Code of Practice on Treasury Management, and the CIPFA Prudential Code for Capital Finance, along with meeting the requirements of the Council’s Financial Regulations.
Alternative Options Considered and Rejected: As set out in the report.
Conflict of Interest relating to the matter declared by Cabinet Member/Dispensation Granted: None.